California Audit Referral Form for Workers' Compensation
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How to fill out California Audit Referral Form For Workers' Compensation?
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FAQ
So when a workers compensation policy is cancelled for non-payment, the insurance company will still perform a premium audit.If you don't pay the premium audit bill they will turn it over to a collection agency or attorney for action. And they will pursue all avenues available to them to collect the premium due.
What is a workers comp audit? A workers comp audit is an annual review of records at the request of an insurance company.Work comp audits determine if the payroll and class codes quoted at inception accurately reflect the actual payroll and scope of work performed during the policy period.
Payroll journal and summary. Your check book (if it's your only means of keeping records. Federal Tax Report- 941's that cover the period. State Unemployment Tax reports or individual earnings records. All overtime payroll records (charged at reduced rates)
Be factual with the information you provide. Be concise with the information you provide. Keep descriptions simple and to the point. Be sure to monitor your audit results.
Remember that premium audits are not done at random. They're mandatory when you have a workers' compensation policy. In the event that your workers' comp policy gets canceled, a premium audit will likely happen for the policy period when you had coverage.
Payroll Journal and Summary. Your Check Book. Federal Tax Reports 941's that cover the audit period.
Workers' comp insurance premiums are calculated according to how employees are classified (with regards to the specific type of work they perform) and the rate assigned to each employee classification. The premium rate itself is expressed as dollars and cents per $100 dollars of payroll for each class code.
At the end of your annual policy period, a final premium audit is conducted to determine if you paid the appropriate amount for your workers' compensation insurance. Your final premium audit is based on actual payroll, operations and job classifications for the expired coverage period.
A Premium Audit is a periodic review by Travelers to make sure the estimated premium established at the beginning of your policy period accurately reflects any changes in business operations that may have occurred since the policy was issued.